Impact Minerals Limited (ASX:IPT) major shareholder, the Andrew Forrest related Squadron Resources Pty Ltd, continues to build its interest in the gold, silver and base metals explorer.
Squadron has lifted its stake to 14.8% by the conversion of $2 million in convertible notes it held in Impact.
The notes were held under the terms of a three year investment agreement Squadron signed in August 2015.
Under the terms of the agreement more than 148 million shares will be issued to Squadron within five business days.
Squadron is able to convert the notes into shares at a conversion price which is the lower of $0.021 cents per share or 80% of the 30-day Volume Weighted Average Price prior to the date of the conversion notice.
The latter applied and the price of each share was $0.0135.
During the December quarter Squadron rotated its nominee director on Impact’s Board.
Felicity Gooding resigned as a director and Eamon Hannon was appointed as a non-executive director effective 30 November 2017.